Credit Union Conversations

What's the reality of a work from home company and their staff? On today's episode, Mark Ritter and Ellen Thorn talk about their experiences managing a work from home staff and the reality of what it is like on a day-to-day basis. Tune in to learn more from Mark and Ellen!

IN THIS EPISODE:

• [01:00] Ellen explains her background and current role at MBFS. 
• [07:39] What works well when managing remote teams? 
• [15:00] Being able to open up the applicant pool as a remote company. 
• [22:00] Tips for managing technical needs for your remote team. 
• [27:50] How to promote camaraderie, relationship building, and teamwork on remote teams. 

KEY TAKEAWAYS: 

• Employees tend to love the freedom and flexibility that working from home gives them, in turn making them more productive. 
• Instead of having to hire someone who is in commuting distance, jobs can be filled by anyone from anywhere.
• IT can be the most challenging piece to manage for remote teams

RESOURCE LINKS

Mark Ritter Website

BIO:  

Ellen Thorn is an executive at MBFS overseeing the loan operations and financial activity of MBFS. Ellen joined MBFS after a career in commercial loan servicing and has been integral to the growth of the organization.

Mark welcomes our newest executive, Craig Page, to MBFS as the Chief Revenue Officer. Mark and Craig talk about best practices for a national loan origination program and the good/bad of today's marketplace. They review the results from the first half of 2022 and the outlook for the second half of the year. Tune in to today’s episode for some risk management tools you definitely want to be using in your portfolio. You will also be challenged to consider loans outside of your zip code.

IN THIS EPISODE:

• [01:38] Craig shares his origin story. 
• [03:12] Considering loans outside your own neighborhood. 
• [06:56] Risk management tools credit unions should use in their portfolio. 
• [09:26] Trends in the current market. 
• [15:29] A review of 2022 so far and a look forward. 
• [23:58]  Loan originations when times are a little more stressful.

KEY TAKEAWAYS: 

• Loans can be acquired outside of your direct perimeter now. It is important to focus on risk management.
• Regardless of the market, you still need to focus on the underwriting of loans and thoroughly vetting them.
• Research is vital in deciding whether it is smart to take out a loan or not. What doesn’t initially seem like it would be a good investment, could be a great investment, and vice versa, something pretty and shiny could actually be very risky.

RESOURCE LINKS

Mark Ritter Website

BIO

Craig Page is the recently appointed Chief Revenue Officer at MBFS. After a lengthy career as a CUSO executive managing the risk for a large commercial real estate portfolio, Craig has joined MBFS to build out a national CRE origination and participation program. Welcome aboard Craig!

Need liquidity to fund loans??? This episode is for you. Upgrade is well-established in driving quality assets to credit unions. Now find out how they also bring deposits to your institution as well.

IN THIS EPISODE:

• [01:50] Meet Rebecca and Jim and learn about Upgrade. 
• [03:32] Neobanks and fintechs: What sets them apart from traditional banks and credit unions? 
• [10:30] Upgrade’s regulatory structure. 
• [14:15] What should people be mindful of when interacting or shopping with fintechs? What should they look for? 
• [19:30] How does Upgrade work with credit unions on a day to day basis? 
• [23:25] How the market is affecting liquidity.

KEY TAKEAWAYS: 

• Neobanks, like Upgrade, are fully focused on curating a sleek and effective digital user experience. 
• Neobanks reach customers with a marketing strategy that traditional credit unions don’t reach in today’s market. 
• Partnerships between traditional credit unions and neobanks benefit both entities, keeping them regulated and relevant as the market changes.

RESOURCE LINKS

Mark Ritter Website

Upgrade Website

Rebecca Bacon’s Email

Jim Quinn’s Email

[email protected]

BIO

Jim Quinn & Rebecca Bacon both work in the Financial Institutions Partnerships group at Upgrade. Upgrade has been working with credit unions since the inception of the company that has now grown to originate over $1 billion in consumer loans monthly.

Today, Mark welcomes a very special guest, NCUA Vice Chair Kyle Hauptman. Kyle shares his journey to his position and some roles of NCUA for credit unions with Mark. They talk about the importance of credit union relationships with fintechs and the new opportunities in blockchain technology. Mark gives credit to how the NCUA has helped him as a business owner. Listen in as Kyle walks through his top three priorities for his tenure at the NCUA.

IN THIS EPISODE:

• [01:48] Kyle’s background and how he got to banking. 
• [08:43] Outlook on credit unions working with fintechs. 
• [18:27] Cryptocurrencies and blockchain technology. 
• [30:56] The NCUA is working to keep credit unions relevant. 
• [34:00] Future priorities for NCUA. 
• [40:32] How the NCUA has helped Mark as a business owner. 

KEY TAKEAWAYS: 

• It’s important, when considering fintechs, that credit unions be able to do what is best for their members and that regulations allow them to compete and do the best they can do.
• Blockchain technology has the potential to be used in other ways that would be very helpful to credit unions.
• The NCUA is focused on staying relevant for the future, making it more equitable for diverse groups, and accountability and transparency.

RESOURCE LINKS

Mark Ritter Website

BIO

Kyle S. Hauptman was nominated to serve on the NCUA Board on June 15, 2020. The U.S. Senate confirmed him on December 2, 2020, and he was sworn in as a member of the NCUA Board on December 14, 2020. The NCUA Board approved his designation as Vice Chairman of the NCUA on December 18, 2020.

Prior to his joining the NCUA Board, Mr. Hauptman served as Senator Tom Cotton’s (R-Arkansas) advisor on economic policy, as well as Staff Director of the Senate Banking Committee’s Subcommittee on Economic Policy.

Previously, Mr. Hauptman was Senior Vice President at Jefferies & Co. He worked at Lehman Brothers as a bond trader in New York City as well as in their international offices in Tokyo and Sydney, and served as a voting member on the U.S. Securities and Exchange Commission Advisory Committee on Small and Emerging Companies.

Darren Thompson of Ministry Partners and Mark Ritter meet up to talk about why faith-based lending and member relationships are a nice complement to any credit union. Faith-based lending has some nuances compared to traditional lending but Darren leads us through the best practices and how to access these community organizations. Many credit unions shy away and will not work with churches, but it can be very beneficial in connections. Tune in to learn the benefits of lending to religious organizations. 

IN THIS EPISODE:

• [02:04] Darren introduces himself and shares his background
• [05:26] What makes credit unions nervous about church loans?
• [10:06] What are the benefits of faith-based loans?
• [14:48] Darren talks about criteria and red flags credit unions look for when a church applies for a loan
• [18:08] Darren shares his experience with church lending through COVID
• [22:06] How does Ministry Partners work with credit unions?

KEY TAKEAWAYS: 

• Partnering with a church gives a connection to the community. Churches often engage their lender as financial partners. Serving the church can turn into serving the families.
• It’s important when considering church loans to look at church governance and cash flow. It is better to have an independent board than a pastor who makes all the decisions.
• Ministry Partners can work together with credit unions to help with faith-based loans. Some examples would be partnering with banking services or helping with the underwriting of loans.

RESOURCE LINKS

Mark Ritter Website

Ministry Partners Website

Bio:

Darren Thompson is the COO of Ministry Partners. They are a credit union owned CUSO serving the faith-based community through investments and lending. 

Hurricane Maria and other storms in Puerto Rico have destroyed their power grid system but also their economy. Cooperativas (Puerto Rican credit unions) have had an incredible impact on the stability and recovery of communities in the aftermath. On today’s episode, Rene Vargas Martinez and Mark Ritter discuss how Puerto Rico's cooperativas and Inclusiv are working to make a difference in their local communities. Learn about the history of the cooperativa moment and how you can help support it as well as Inclusiv. 

IN THIS EPISODE:

• [01:31] Mark gives an update on the industry
• [05:33] Rene introduces himself and gives his backstory
• [9:14] Who is Inclusiv?
• [15:01] The impact of hurricanes on Puerto Rico in general and financially
• [19:19] Rene explains the two types of credit unions in Puerto Rico and what the average credit union looks like there
• [26:19] The outlook for cooperativas over the next few years
• [29:52] How US credit unions can support Inclusiv and the Puerto Rican cooperativa movement

KEY TAKEAWAYS: 

• Multiple hurricanes in Puerto Rico have destroyed their power grids and economies. Cooperativas play a big part in the stability and empowerment of low to moderate-earning individuals.
• There is some misconception about cooperativas because they are not federally backed. In reality, they are even more secure and have incredible buy-in.
• Here are some ways to support Inclusiv and the Puerto Rican cooperativa movement:
• See if you are eligible for CDFI and join Inclusiv.
• Hire bilingual staff to be able to cooperate with Puerto Rican cooperativas.
• Offer shared services for members with a partnership.
• Share notes and technology, as well as industry information.
• Educate others about the misconceptions with cooperativas. Be the bridge.

RESOURCE LINKS

Mark Ritter Website

Inclusiv Website

Bio:

Rene Vargas Martinez is the director of Puerto Rico Credit Unions for Inclusiv. A native of the island, Rene is passionate about helping the cooperativas serve the local communities. Inclusiv is a trade association dedicated to closing the gaps and removing barriers to financial opportunities for distressed and underserved communities.

Matt deLisle joins Mark Ritter to talk about their journeys in the podcast industry and the impact it has made at MBFS. Matt's career path has led him to an industry that didn't exist when he graduated college. Now, he is a leader in the podcast guesting industry.  Why does podcasting work and what makes it so effective over other mediums? Listen and find out.

IN THIS EPISODE:

• [01:52] Matt’s background and how he got into the podcast business
• [06:27] Matt explains the podcast industry and the benefits of using podcasts as a marketing tool
• [15:46] The benefit of being a guest on a podcast
• [20:09] Strategies used to find guests the “right” show
• [24:05] Information about Interview Connections

KEY TAKEAWAYS: 

• Podcasts have a more intimate feel to them than other forms of marketing because they center around conversation.
• Using podcasts to reach others is beneficial because you have an audience that has made the choice to listen and wants to know what you have to say.
• Appearing as a guest expert on another podcast for marketing purposes is beneficial because you don’t have to put the work into producing it. You also have the benefit of their rapport and trust with their loyal listeners.

RESOURCE LINKS

Mark Ritter Website

Interview Connections Website

Bio:

Matt deLisle is a member of the leadership team at Interview Connections.  He is an expert in all things podcasting. Matt joined a fledgling company that has grown to be a leader in the podcast guesting industry. 

The "OG" of business lending CEOs, Larry Middleman, joins Mark in this episode to talk about credit union collaboration and CUSOs. Larry and Mark talk about the old days when business services were a new concept, how they have evolved, and where the credit union industry is headed in the upcoming years. They address how CUSOs are going to assist the industry. Larry breaks some special news as well!  

IN THIS EPISODE:

• [01:35] Larry’s background and experience
• [03:36] Larry shares a special announcement
• [8:05] Mark and Larry talk about the importance of building relationships in banking
• [11:27] How regulations have evolved
• [19:19] Current and upcoming strengths and challenges for the credit union industry
• [24:54] How to connect with CUBG

KEY TAKEAWAYS: 

• The credit union industry has transformed and evolved a lot in the last 20 years, earning the trust of business leaders as well as consumers.
• Making financial relationships more personal will help credit unions to expand services.
• Instead of only focusing on large loans, credit unions are starting to focus on how to obtain deposits as well. 

RESOURCE LINKS

Mark Ritter Website

Bio:

Larry Middleman has been the CEO of CU Business Group since its inception 20 years ago. Larry is a thought leader in the industry that barely existed when he took over the helm at CUBG. He has been a member of the National Credit Union Foundation's Board of Directors as well during his tenure.

On this episode of Credit Union Conversation, Mark & Stephanie Hainje of My Leverage talk about what's new in payments and how credit unions can use today's technology to build low-cost deposits. Connecting with digital payment platforms is key to convenience for customers so tune in to learn more on how to make that happen!

Guest: Stephanie Hainje

IN THIS EPISODE:

• [02:00] Stephanie talks about her start in the credit union world and the current state of credit
• [06:30] Pandemic recovery in terms of spending trends
• [10:00] Debit cards and digital payment methods
• [19:00] Getting credit unions connected with digital payment platforms

KEY TAKEAWAYS: 

• Connecting credit unions with digital payment platforms is key to convenience and ease for customers
• Spending habits ebb and flow with time and credit unions should adjust as needed
• Building relationships and connecting within the community is a great thing for local Credit Unions

RESOURCE LINKS:

MarkRitter.com

BIO:  

Stephanie has over 15 years of experience in the credit union space and an extensive background in payments and RFP consulting. She has served multiple roles ranging from payments education and training, to relationship management and consulting to help credit unions enhance their payments offerings.

linkedin.com/in/stephaniehainje

2022 has seen some wild swings in the financial services industry. As the world returns to in-person communication, the credit union industry is open and booming.  In this episode, host Mark Ritter reviews the flourishing first half of 2022 and looks at what is to come the rest of the year.  Will the second half of 2022 follow the current uptrend??  He shares insights on delinquency, interest rates, and the fundamentals of loan repayment. Mark talks about the state of credit unions, lending, and updates at MBFS.

IN THIS EPISODE:

• [05:40] Mid-year review and current outlook
• [06:58] Predictions for the remainder of the year
• [08:48] Preparing for future delinquency
• [12:55] Mark discusses interest rates in the current environment
• [15:08] Portfolios and liquidity at credit unions
• [19:00] Loan Repayment Basics

KEY TAKEAWAYS: 

• The credit union industry is currently thriving, but you should prepare stakeholders for future delinquencies.
• It takes every branch to work as a team to build successful relationships with businesses.
• Going back to the fundamentals of lending will help secure more reliable business.

RESOURCE LINKS

Mark Ritter Website